On November 11, Glorious Sun announced that on November 11, 2024, the company entered into a joint venture agreement with Nissin Foods Asia, involving the establishment of a joint venture company. The joint venture company will be located in New South Wales, Australia, with the company and Nissin Asia holding 51% and 49% respectively. The company will inject $1.02 million Australian dollars in cash (equivalent to about HK$5.2326 million) into the joint venture company's capital, to be funded by internal resources of the group. The joint venture company will be a non-wholly owned subsidiary of the company, and its performance will be consolidated into the group's financial statements.

Currently, the group exports and sells instant noodles to Australia and New Zealand through third-party distributors in wholesale. The distributors then resell the group's products to sub-distributors, retailers, and other customers. By establishing a presence locally, the company can strengthen its marketing activities in these two markets, enhance its sales and distribution networks, and maintain significant control over the retail sales and inventory levels of the group's products. In addition to the group's products, it is recommended that the joint venture company also sell and distribute instant noodle products produced by Nissin Asia, its subsidiaries, or its licensees to better cater to the tastes of the Asian population in these two markets.

As a party to the joint venture agreement, Nissin Asia, with its subsidiaries' rich experience in operating the instant noodle business in the Southeast Asian market, is believed by the company to play an important role in strengthening distribution and expanding the instant noodle market in Australia and New Zealand as one of the shareholders of the joint venture company. The Board of Directors believes that leveraging the advantages of both parties under the joint venture agreement will gradually broaden the group's revenue base and bring long-term growth to the company and shareholders.